×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – July 20, 2015

  • July 20, 2015

Merger activity increased last week with four new deals announced and two deals closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2015110
Total Number of Deals Not Completed in 20153
Total Number of Pending Deals
Cash Deals41
Stock Deals20
Stock & Cash Deals14
Special Conditions8
Total Number of Pending Deals83
Total Deal Size$922.54 billion

New Deals:

  1. The acquisition of MarkWest Energy Partners (MWE) by MPLX LP (MPLX) for $20 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of MarkWest Energy Partners will receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit.
  2. The acquisition of Remy International (REMY) by BorgWarner (BWA) for $1.2 billion or $29.50 per share in cash.
  3. The acquisition of Books-A-Million (BAMM) by the Anderson Family for $21 million or $3.25 per share in cash.
  4. The acquisition of Receptos (RCPT) by Celgene Corporation (CELG) for $7.2 billion or $232.00 per share in cash.

Closed Deals:

  1. The acquisition of ClickSoftware Technologies (CKSW) by private funds managed by Francisco Partners Management on July 14, 2015. It took 75 days for this deal to be completed.
  2. The acquisition of Geeknet (GKNT) by GameStop (GME) on July 17, 2015. It took 45 days for this deal to be completed.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A)$5.25$3.7012/31/201541.89%93.24%
WPZ05/13/2015Williams Companies, Inc. (WMB)$64.30$48.0009/30/201533.96%172.17%
ODP02/04/2015Staples, Inc. (SPLS)$10.47$8.3012/31/201526.10%58.09%
MEA06/16/2015Total Merchant Limited (N/A)$0.60$0.48308/31/201524.22%210.51%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.4112/31/201624.05%16.56%
OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)$29.75$24.9904/30/201619.05%24.39%
HUM07/03/2015Aetna Inc. (AET)$219.45$187.4412/31/201617.08%11.76%
BHI11/16/2014Halliburton Company (HAL)$63.79$58.3212/31/20159.38%20.87%
HNT07/02/2015Centene Corp. (CNC)$75.01$68.6303/31/20169.29%13.30%
PMFG05/04/2015CECO Environmental Corp. (CECE)$6.85$6.2809/30/20159.08%46.01%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

+SFXE05/26/2015an affiliate of Robert F.X. Sillerman, the Company�s Chairman and Chief Executive Officer (N/A)All Cash$774 million$5.25$3.70215,43012/31/201541.89%93.24%
+WPZ05/13/2015Williams Companies, Inc. (WMB)All Stock$13.8 billion$64.30$48.001,835,47209/30/201533.96%172.17%
+ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$10.47$8.3020,748,31112/31/201526.10%58.09%
+MEA06/16/2015Total Merchant Limited (N/A)All Cash$87 million$0.60$0.483507,80908/31/201524.22%210.51%
+NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.4159,97612/31/201624.05%16.56%
+OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)All Cash$1.9 billion$29.75$24.99650,34304/30/201619.05%24.39%
+HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$219.45$187.441,513,24812/31/201617.08%11.76%
+BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$63.79$58.323,679,08612/31/20159.38%20.87%
+HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$75.01$68.631,019,62703/31/20169.29%13.30%
+PMFG05/04/2015CECO Environmental Corp. (CECE)Special Conditions$150 million$6.85$6.2846,23509/30/20159.08%46.01%
+LRE04/20/2015Vanguard Natural Resources, LLC (VNR)All Stock$539 million$6.45$5.95568,51609/30/20158.34%42.26%
+HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$30.95176,94412/31/20158.24%18.34%
+EROC05/21/2015Vanguard Natural Resources, LLC (VNR)All Stock$614 million$2.17$2.021,077,47809/30/20157.34%37.19%
+ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$50.342,728,75403/31/20167.27%10.41%
+MCGC04/29/2015PennantPark Floating Rate Capital (PFLT)Special Conditions$175 million$4.75$4.43225,62409/30/20157.22%36.62%
+OWW02/12/2015Expedia Inc. (EXPE)All Cash$1.6 billion$12.00$11.253,674,23506/30/20156.67%0.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$11.03$10.383,445,22210/31/20156.23%22.07%
+TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$200.43$189.012,307,56912/31/20156.04%13.45%
+BALT04/08/2015Genco Shipping & Trading Limited (GSKNF)All StockN/A$1.58$1.501,202,56709/30/20155.12%25.96%
+ONFC02/24/2015Community Bank System Inc. (CBU)All Stock$142 million$21.94$20.8734607/31/20155.11%169.65%
+GAME04/03/2015Capitalhold Limited and Capitalcorp Limited (N/A)All Cash$1.9 billion$7.10$6.76285,79512/31/20155.03%11.19%
+ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.73$3.572,303,93906/30/20164.61%4.86%
+GOMO06/08/2015Sunflower Parent Limited (N/A)All CashN/A$4.90$4.69171,39412/31/20154.48%9.97%
+NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.684,84312/31/20153.00%6.67%
+CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$125.61$122.06952,52203/31/20162.91%4.17%
+PLMT04/22/2015United Community Banks, Inc. (UCBI)All Stock$240.5 million$20.76$20.2311,11212/31/20152.61%5.81%
+OCR05/21/2015CVS Health Corporation (CVS)All Cash$12.7 billion$98.00$95.601,412,27112/31/20152.51%5.59%
+HME06/22/2015an affiliate of Lone Star Funds (N/A)All Cash$7.6 billion$75.23$73.44347,95212/31/20152.44%5.42%
+BAMM07/13/2015Anderson Family (N/A)All Cash$21 million$3.25$3.1827,74712/31/20152.20%4.90%
+CYN01/22/2015Royal Bank of Canada (RY)Cash Plus Stock$5.4 billion$91.82$90.03251,27912/31/20151.98%4.42%
+CMGE06/09/2015Pegasus Investment Holdings Limited (N/A)All CashN/A$22.00$21.58215,50812/31/20151.95%4.33%
+ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.51$23.0710,08812/31/20151.93%4.29%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$54.39206,92712/31/20151.80%4.01%
+BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$53.608,394,07303/31/20161.68%2.40%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$93.462,929,00608/15/20151.65%23.13%
+FSL03/02/2015NXP Semiconductors NV (NXPI)Cash Plus Stock$16.7 billion$38.39$37.781,771,20312/31/20151.61%3.59%
+TRAK06/15/2015Cox Automotive, Inc. (N/A)All Cash$4 billion$63.25$62.261,267,43909/30/20151.59%8.06%
+SQBK03/02/2015PacWest Bancorp (PACW)All Stock$849 million$28.57$28.1465,53112/31/20151.53%3.40%
+FRS05/22/2015an affiliate of NRD Partners I, L.P. (N/A)All Cash$175 million$34.00$33.505,58409/30/20151.49%7.57%
+BRLI06/04/2015Opko Health, Inc. (OPK)All Stock$1.47 billion$45.62$44.96319,88712/31/20151.47%3.28%
+LMNS06/18/2015XIO Group (N/A)All Cash$510 million$14.00$13.80145,79109/30/20151.45%7.35%
+PLL05/13/2015Danaher Corp. (DHR)All Cash$13.8 billion$127.20$125.68310,81412/31/20151.21%2.69%
+RCPT07/14/2015Celgene Corporation (CELG)All Cash$7.2 billion$232.00$229.501,348,18412/31/20151.09%2.42%
+LABC06/18/2015Home Bancorp, Inc (HBCP)All Cash$74.5 millon$24.25$23.99N/A12/31/20151.08%2.41%
+QLTY05/06/2015funds advised by Apax Partners (N/A)All Cash$800 million$16.00$15.84501,57309/30/20151.01%5.12%
+HCC06/10/2015Tokio Marine Holdings, Inc. (N/A)All Cash$7.5 billion$78.00$77.36638,75012/31/20150.83%1.84%
+GTI05/18/2015affiliate of Brookfield Asset Management Inc. (N/A)All Cash$546 million$5.05$5.011,281,75707/31/20150.80%26.49%
+HSP02/05/2015Pfizer Inc. (PFE)All Cash$17 billion$90.00$89.30421,18312/31/20150.78%1.74%
+TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$129.37$128.41235,69312/31/20150.75%1.67%
+KYTH06/17/2015Allergan plc (AGN)All Cash$2.1 billion$75.00$74.45719,85303/31/20160.74%1.06%
+CRV07/09/2015LKQ Corporation (LKQ)All Cash$29 million$5.50$5.4617,15309/30/20150.73%3.71%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.06760,49709/30/20150.70%3.56%
+QEPM04/06/2015Tesoro Logistics LP (TLLP)All StockN/A$16.96$16.8656,07312/31/20150.61%1.35%
+PPO02/23/2015Asahi Kasei Corporation (AHKSY)All Cash$3.2 billion$60.50$60.15122,49509/30/20150.58%2.95%
+CYNI05/04/2015Ciena Corporation (CIEN)All Stock$400 million$5.73$5.70139,53709/30/20150.56%2.86%
+INFA04/07/2015Permira funds and Canada Pension Plan Investment Board (N/A)All Cash$5.3 billion$48.75$48.48982,32709/30/20150.56%2.82%
+ANN05/18/2015Ascena Retail Group Inc. (ASNA)Cash Plus Stock$2.15 billion$46.53$46.31447,29012/31/20150.47%1.04%
+CMLP05/06/2015Crestwood Equity Partners LP (CEQP)All Stock$7.5 billion$11.41$11.37797,35109/30/20150.37%1.89%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$139.60826,03506/30/20150.29%0.00%
+MCRL05/07/2015Microchip Technology Inc. (MCHP)Special Conditions$839 million$14.00$13.96923,63008/15/20150.29%4.02%
+SIBC12/30/2014First NBC Bank Holding Company (NBCB)All Cash$49 million$21.25$21.19N/A06/30/20150.28%0.00%
+AEC04/22/2015Brookfield Asset Management Inc. (BAM)All Cash$2.5 billion$28.75$28.68248,26712/31/20150.24%0.54%
+REMY07/13/2015BorgWarner Inc. (BWA)All Cash$1.2 billion$29.50$29.43829,87712/31/20150.24%0.53%
+STRN06/22/2015affiliate of Hach Company (N/A)All Cash$39 million$8.50$8.4817,35609/30/20150.24%1.20%
+LNBB12/15/2014Northwest Bancshares, Inc. (NWBI)Special Conditions$183.3 million$18.70$18.6611,32108/14/20150.21%3.13%
+GPT07/01/2015Chambers Street Properties (CSG)All Stock$2.5 billion$24.47$24.42662,73212/31/20150.19%0.42%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$14.39$14.36971,85909/30/20150.17%0.88%
+ROSE05/11/2015Noble Energy, Inc. (NBL)All Stock$2.1 billion$20.78$20.752,156,03209/30/20150.15%0.74%
+EXL04/10/2015Blackstone Property Partners L.P. (BX)All Cash$2 billion$15.85$15.83780,52912/31/20150.13%0.28%
+RTI03/09/2015Alcoa Inc. (AA)All Stock$1.5 billion$29.70$29.67705,81808/15/20150.11%1.53%
+CTRX03/30/2015OptumRx (N/A)All Cash$12.8 billion$61.50$61.441,706,39412/31/20150.10%0.22%
+MRH03/31/2015Endurance Specialty Holdings Ltd. (ENH)Cash Plus Stock$1.83 billion$41.89$41.93123,43409/30/2015-0.09%-0.46%
+OMG06/01/2015Apollo Global Management, LLC (APO)All CashN/A$34.00$34.14328,67112/31/2015-0.41%-0.91%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$26.61$26.72314,25509/30/2015-0.42%-2.13%
+TSRE05/11/2015Independence Realty Trust, Inc. (IRT)Cash Plus StockN/A$7.12$7.1819,15209/30/2015-0.79%-4.00%
+MSO06/22/2015Sequential Brands Group, Inc. (SQBG)Special Conditions$353 million$6.15$6.21146,29912/31/2015-0.97%-2.15%
+XOOM07/01/2015PayPal, Inc. (N/A)All Cash$890 million$25.00$25.27314,37212/31/2015-1.07%-2.38%
+ISSI06/11/2015Uphill Investment Co (N/A)All CashN/A$21.00$21.91292,61409/30/2015-4.15%-21.06%
+FSGI03/25/2015Atlantic Capital Bancshares, Inc. (N/A)All Cash$160 million$2.35$2.4810,63910/31/2015-5.24%-18.58%
+MWE07/13/2015MPLX LP (MPLX)Cash Plus Stock$20 billion$63.97$68.303,820,05512/31/2015-6.33%-14.10%
+CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$4.52$7.5491,47903/31/2015-40.03%131.63%
+ALLB03/03/2015WSFS Financial Corp. (WSFS)All Stock$92 million$8.32$23.643,15212/31/2015-64.82%-144.27%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$N/AN/A08/15/20150.00%0.00%

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria